Pro-crypto Scott Bessent confirmed as US Treasury Secretary

His appointment is expected to influence tax policy, the Treasury debt market, and international finance, with potential advancements in technology and cryptocurrency.

Two U.S. lawmakers have called for a federal probe into TP-Link’s routers, citing fears of potential cyber attacks targeting critical infrastructure.

The US Senate has confirmed billionaire hedge fund manager Scott Bessent as the next Treasury Secretary, marking a significant step for fiscal policy and financial regulation under Donald Trump’s administration. The confirmation, decided by a 68 to 29 vote on 27 January, saw bipartisan support, with 16 Democrats backing the nomination.

Bessent is a vocal supporter of Trump’s economic strategy, which includes renewing $4 trillion in expiring tax cuts, imposing tariffs, and boosting oil production. During his confirmation hearing, he criticised the government’s ‘out of control’ spending, aligning with Trump’s stance on fiscal responsibility. As Treasury Secretary, Bessent will influence tax collection, the $28 trillion Treasury debt market, and international financial matters.

Known for his pro-crypto views, Bessent has openly opposed the creation of a central bank digital currency (CBDC), describing it as unnecessary for the US. He emphasised that such measures are often adopted by countries with limited investment options or economic constraints. Bessent’s stance aligns with Trump’s executive order to form a governmental group on crypto policy, which will also include AI and crypto czar David Sacks and the chairs of the SEC and CFTC.

Ripple CEO Brad Garlinghouse praised Bessent’s appointment, expressing confidence in his ability to enact policies that support innovation in technology and crypto. With a strong pro-crypto outlook, Bessent’s leadership could shape the direction of the US financial system amidst evolving global trends.